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Singapore consumer confidence falls for second consecutive month

Consumer confidence in Singapore slid in July for a second consecutive month, according to a monthly survey released on Wednesday.

ST PHOTO

CONSUMER confidence in Singapore slid in July for a second consecutive month, according to a monthly survey released on Wednesday.

This was partly due to less certainty among poll respondents that their families would be better off in a year's time.

The ANZ-Roy Morgan Singapore Consumer Confidence index fell to 126.4 in July, down three points from June, though it remained above its long-term average of 122.8 points.

This slide likely reflects the turmoil in the eurozone and slowdown in China along with the effects of domestic restructuring, Glenn Maguire, ANZ chief economist for South Asia, Asean and the Pacific, said in the survey report.

"In the near term, we expect to see sentiment improve as the achievements of Singapore over the past 50 years are celebrated. However, in the medium term, we are less certain on the direction confidence is likely to evolve. The national elections will be called in the next few months, property prices are continuing to decline and wage pressures are unevenly distributed," he added.